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Journal of Economic Geography Advance Access originally published online on August 18, 2005
Journal of Economic Geography 2006 6(2):201-222; doi:10.1093/jeg/lbi005
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© The Author (2005). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org

‘Shareholder value’ versus the regions: the closure of the Vaux Brewery in Sunderland

Andy Pike*

* Centre for Urban and Regional Development Studies (CURDS), University of Newcastle, Newcastle Upon Tyne, NE1 7RU, UK email <andy.pike{at}ncl.ac.uk>

‘Financialization’ and ‘shareholder value’ loom large in the closure of the Vaux Brewery in Sunderland. They are necessarily intertwined with the geographies of space and place. Geography inevitably enters into assessments of shareholder value by social agents. A geographical political economy approach argues that generalized pressures created by financialization and shareholder value are mediated and contested by specific and particular configurations of spatialized social relations, social agency, and socio-institutional contexts over time, across space, and in place. Geographical political economy frames the analysis of the Vaux Brewery closure in Sunderland. A more spatially sensitive, place aware, and locally and regionally rooted financial infrastructure may be necessary but not sufficient to underpin local and regional development.

Keywords: shareholder value, closure, local and regional development,
JEL Codes: G34, O14, O18, R51
Date submitted: 26 October 2004     Date accepted: 9 May 2005


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